Operational risk management model
Board of Directors
The Board of Directors of Alma Media Corporation has primary responsibility for organising the Group's risk management in an appropriate manner. The Board's Audit Committee is responsible for organising internal audit and risk management, consulting functionaries responsible for the organisation's risk management, internal audit and administration, parties assessing the organisation's operation, auditors and any other parties it deems necessary.
Top management
The Group CFO monitors the efficient organisation of risk management and the ensuring of its functionality. The CFO approves the Group risk portfolio at regular intervals, evaluates the results of case-specific reports and approves the actions deemed necessary.
In addition, the CFO assesses the risk management methods of business units, approves any additional measures and monitors risk management reporting, as well as regularly presenting the company's risk status to the Audit Committee.
Risk management
The Group Risk Manager is responsible for the functioning of the risk management process. The Risk Manager's tasks include training planning, reporting development and the definition of the Group's risk portfolio and development together with business unit risk managers. The Group Risk Manager's tasks also include support of a continuous, regular risk management process and development, as well as the preparing and updating of a risk management plan and policy at least annually.
Business unit risk managers
The economy functions of the Group's business units are tasked with the continuous identification and evaluation of risks endangering the reaching of objectives as well as notifying the Group Risk Manager of new risks as part of the accounting reports process. Business units themselves are responsible for the evaluation of risks and defining risk management methods. Risks are regularly reported to the Group CFO. Business unit risk managers follow that risks are reacted to and action plans are implemented.
Page last updated 20.05.2010
